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Gold (XAUUSD), Silver, Platinum Forecasts – Gold Tests New Highs As Dollar Pulls Back
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Key Points:
- Gold climbed towards the $3380 level as traders focused on weak dollar.
- Silver pulled back towards $38.50 as gold/silver ratio climbed above 87.50.
- Platinum rebounded towards key resistance at $1345 - $1350.
Gold
Gold gains ground as traders focus on President Trump’s decision to fire Fed’s Cook, which raised worries about Fed independence and put pressure on U.S. dollar.
In case gold climbs above the $3400 level, it will head towards the resistance level at $3440 – $3450.
Silver
Silver pulled back as gold/silver ratio made an attempt to settle above the 88.00 level.
A move below the $38.50 level will open the way to the test of the support at $37.30 – $37.50.
Platinum
Platinum managed to rebound after yesterday’s sell-off and moved back towards the resistance at $1345 – $1350.
The technical picture remains unchanged as platinum needs to settle above $1350 to gain sustainable upside momentum.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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